Nut Distributor John B. Sanfilippo 4Q Profit Rises
ELGIN, Ill. (AP) ¿ Fiscal fourth-quarter profit for John B. Sanfilippo & Son Inc., a leading provider of nuts under the Fisher and other brands, rose as sales edged up nearly 2 percent.
The company reported net income of $4 million, or 37 cents per share, compared with $2.7 million, or 25 cents per share, for the same period a year ago.
Sales increased to $127.5 million from $125.3 million, as total pounds of all products shipped to customers increased 9.5 percent year-over-year.
The improved performance also was due to better procurement and selling activities, eliminating unprofitable items and cost savings measures, said CEO Jeffrey T. Sanfilippo, in a statement.For the year, the company reported net income of $6.9 million, or 65 cents per share, compared with a loss of $6 million, or 56 cents per share, in fiscal year 2008. The results for the current year included a $1.7 million charge for a pistachio recall. The 2008 results included debt extinguishment costs of $6.7 million and restructuring costs of $1.8 million. Sales for the year increased to $553.8 million from $541.8 million. Shares rose 48 cents, or 5.4 percent, to close at $9.37.
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